Oil storage could fill “within two months” – analysts

Analysts at financial services company Cantor Fitzgerald Europe have said global oil storage may soon fill.

Oil and gas analyst Jack Allardyce said: “With major producers pumping barrels freely and the IEA suggesting that short-term demand could fall by a fifth due to travel restrictions, global storage is likely to hit capacity over the next two-to-three months.

“This is likely to be particularly damaging for US crude, with prices in the Permian region potentially hitting single digits. While we believe that current levels are unsustainable in the medium term given achievable breakeven prices, the ongoing uncertainty around COVID-19 and apparent stalemate between Riyadh and Moscow is likely to cause continued downward pressure over the coming weeks.”

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Sotra Marine Produkter is one of Europe's largest anchor and chain suppliers. The company keeps a considerable stock of brand new and second hand anchors, chains and accessories for the offshore industry, in all sizes / types.